Home > Articles > Increase Your Bottom Line: Diversify and Thrive!

Increase Your Bottom Line: Diversify and Thrive!

Subject line: Increase Your Bottom Line: Diversify and Thrive!

Have you noticed a decline in appraisal orders?  While at first glance this kind of reduced demand may be alarming, these inevitable changes in the industry may create a lucrative financial opportunity. At the end of this article is a description and contact information that can assist you in acquiring more appraisal assignments.

Appraisers who diversify their income base can ensure their future, just as financial managers who diversify their investors’ portfolios ensure their financial performance. Appraisers willing to invest a little time and money can boost their earning potential by leveraging their experience and life skills. 

Vermont is one of the more rural states in the country; yet, appraisers are reaping substantial benefits that have cross-servicing ability. For instance, a versatile Vermont appraiser –  who also wears the hats of building and lead inspector – received an assignment from a local bank to conduct a lead inspection on a two-family property before that bank completed the foreclosure. The charge for this high level professional service was $1,245. On the drive, the inspector dove-tailed that assignment with another from the same bank. The total turnaround time was 3 and a half hours door-to-door, including the 45 minute drive each way – since no two places are a stone’s throw away in rural VT. It took another 1 and half hours to generate the digital report and invoice.  The EPA training to become a lead risk assessor is a five day training program, and the EPA training to become a lead inspector is only three days.

Later that week, the same inspector received two inspection assignments, both scheduled for the same day. The basic home inspection fee charged was $500 dollars per assignment. With his value added services of the leaching field loading dye test, radon testing, and water quality testing, the inspector grossed $1,500 for the day. Not all assignments are as simple, but the message is clear: for every real estate transaction, there are multiple consulting assignments that, with a little bit of cross training, will open the door for a greater bottom-line in your professional consulting business.

Here’s one last example of how easy it is to diversify: with just five days of EPA training, you can become an asbestos management planner and inspector. That’s right, two designations; one designation allowing you to update K-12 schools’ asbestos management plans, necessary every three years, and the other qualifies you to obtain asbestos samples associated with any commercial renovation or demolition that involves disturbing 160 linear feet or 260 square feet of surfaces. Hundreds of thousands of buildings every year require this service before a school’s asbestos removal as well as before the building’s renovation can begin.  This is known as a NESHAP (National Emission Standard for Hazardous Air Pollutants) inspection.

Referral networks for appraisals, building inspections, lead inspections, and other household environmental tests are related. Once bankers, lawyers, home buyers, and real estate brokers grasp the idea of making only one phone call and one appointment for all their real estate consulting needs, they embrace it with enthusiasm. 

By providing services such as water quality and quantity testing, septic testing, and other environmental testing, you can decrease the aggregate cost to the consumer by eliminating the hiring of three other professionals, while ensuring your own increased income. As you can see from the above examples, many of these value added services require little training and no licensure. Each consulting product or service represents the potential for additional sales and profits ranging from $50 to $350 per test. 

Now, let me leave you with two important keys to a successful full service consulting business: 1.) training and 2.) market understanding. Appraisers and home inspectors are in the unique position of being well established and trusted members of the real estate community. The transition from “just appraising” to a full service consulting company can be much easier than you may think.

One of the exciting benefits intrinsic to home inspection and household environmental testing is protecting home buyers from unsafe conditions or financial risk. This sense of helping others also offers a tremendous personal reward not typical of many careers. 

The real estate and environmental industries are undergoing rapid change; this reality is fueling growth and opportunity in these environmental testing fields. Now is the time to catch the wave and stay ahead of the competition. 

Below, I am providing you with a direct message from a professional associate of mine, Matt Moore. His referral business can provide you with more appraisal leads if diversifying outside of appraising is not for you! Or, if you simply are still not feeling comfortable with marketing yourself, but want to expand your client base:

In the past, appraisers could rely on their local lender relationships for a steady stream of orders, but times have changed. Today, appraisers face the challenge of not only delivering timely, high-quality valuations at competitive rates but also establishing a diverse client base. It’s a new era in the industry, and the fear of missing out on opportunities is real.

Join Appraisal Network Services, where we bring you a groundbreaking concept that can transform your appraisal business. We want to make one thing clear: We’re not an Appraisal Management Company (AMC).

At Appraisal Network Services, we open the door to our portfolio of well-established clients, including Direct Lenders, Banks, and AMCs. You have the power to approve your prospective client list, and our experienced team takes care of the rest, securing panel approvals on behalf of your appraisal company. This process seamlessly connects your business with our extensive network of Direct Lenders, Banks, and AMCs, opening the floodgates to more order opportunities.

The tedious process of researching active clients, understanding their approval procedures, and finding the right contacts is incredibly time-consuming. Not to mention the ongoing upkeep required after every license or E&O renewal. This is where Appraisal Network Services steps in to ease your burden.

For an annual fee, we handle all the necessary online profile updates, submissions, emails, and paperwork, freeing up your valuable time. Our annual service also includes profile updates for license and E&O renewals on both new and existing accounts. We even offer current client management plans to help you stay organized.

So, whether you’re aiming to grow your business or need assistance managing your existing clients’ profiles, Appraisal Network Services is your solution. Don’t miss out on this opportunity. Visit us today at www.appraisalnetworkservices.com to set up your free consultation.

Location: 3379 Peachtree Road NE (Buckhead), Suite 655, Atlanta, GA 30326 Phone: (404) 990-3561

I would like to share a few words of advice with you as you consider this article’s message. Look to the future, draw from the past, and prepare for success.

Good luck and do good work.